A. No home protection contract shall be cancelable by the home protection company during the initial term for which it is issued, except for: 1. Nonpayment of premium; 2. Fraud or misrepresentation of facts material to the issuance of the contract; or 3. Contracts providing coverage prior to the time the residential property is purchased, provided that purchase of the property does not occur. B. Nothing in this section establishes the right of a contract holder to renew any contract. 1981, c. 530, § 38.1-940; 1986, c. 562.
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